A Will is your written instructions to distribute your property at your death to those persons whom you wish to receive it. Your Will only transfers property that you own at the time of your death. That means it would not include property you own jointly with another (even a spouse) if that property is owned with survivorship rights. Having a Will does not avoid probate. A Will states who will receive your property. Probate is the process used to transfer the property. A Will also lets you identify who will handle the process after your death (a Personal Representative or Executor); who will take care of minor children (the Guardian); and allows you to set up a trust to manage property for those you identify (note that this type of trust does not go into effect until after your death).
Category:
Wills, Estates and Trusts
Categories: